Court, if satisfied that agreement was executed in good faith, may pronounce judgment

7. Court, if satisfied that agreement was executed in good faith, may pronounce judgment.— Where the Court is satisfied, after making such inquiry as it deems proper,—
(a) that the agreement was duly executed by the parties,
(b) that they have a substantial interest in the decision of such question as aforesaid, and
(c) that the same is fit to be tried and decided, it shall proceed to record and try the issue and state its finding or decision thereon in the same manner as if the issue had been framed by the Court; and shall, upon the finding or decision on such issue, pronounce judgment according to the terms of the agreement; and, upon the judgment so pronounced, a decree shall follow.